The Obama administration said on Wednesday it would provide GMAC Financial Services an additional $3.8 billion of government aid, raising the government's stake in the company to 56 percent from 35 percent.
These actions offer the best chance for GMAC to complete its overall restructuring plan and return to the private capital markets for its debt financing and capital needs in 2010, the Treasury Department said in a statement.
GMAC had already received $12.5 billion of aid from the U.S. government since December 2008. The latest cash infusion brings total taxpayer aid to $16.3 billion.
(Reporting Corbett B. Daly; Editing by Steve Orlofsky)